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Fix major impediments to effective expenditure management – IMF tells Guyana

Jul 17, 2018 News

Guyana’s extractive industry is poised to usher transformational wealth; the kind that will see an overall augmentation of the nation’s economic performance. But if the authorities are to truly reap the benefits of this “transformational wealth” then there are key areas which have to be addressed.
This is according to the International Monetary Fund (IMF).
IMF conducts annual assessments on the financial health of several countries including Guyana.
Recently, the Fund said that the local authorities must work towards reducing the costs of doing business, strengthening private sector confidence, and advancing productivity-enhancing reforms.
The Fund said that part of the reforms will have to include an overhaul of the systems for ensuring quality and efficiency of government expenditure. It was pointed out that the poor rate of implementation of the Public Sector Investment Programme (PSIP) is one area that underscores the need for reform.
Earlier this year, Finance Minister Winston Jordan echoed similar sentiments. He indicated that he wants to see quick improvements, especially when one considers that the national performance on the PSIP last year was still far below Government’s expectations and economic needs.
In addition to this, the IMF wants the government to improve its procurement practices.
It warned that if the government is unable to do this, then it should not hasten to pump money from the extractive sector into public infrastructure projects.
The Fund said that its Public Investment Management Assessment (PIMA) could help the government streamline the appraisal, selection and execution of projects.
It stressed, “Bringing project selection, public procurement and investment management in line with international best practices would enhance the quality of public investment which would be supported by wealth from the extractive sector.”

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